PR nightmares on the Social media scene

Of brand Hijacks & PR nightmares – a very interesting article I came across on how big brands get it wrong in managing the social media space. Knee jerk reactions, couched under company policy or misguided actions can only dig a deeper hole for brands. Thanks Angela Natividad for this.

5 Ways Banks Are Using Social Media – some US examples

Read this article on Mashable regarding how banks in the US, especially the smaller/community banks, have embraced the best of the available social media tools. In doing so, they’ve also figured out how to combine multiple properties (Facebook, Twitter, MySpace, etc.) to amplify their reach & thus, leverage people’s online social networks.

1. Community Building – When we think of banks, we often think of impersonal bankers in pinstriped suits denying customers their request for a car loan or a mortgage. The world is changing, though, and even banks are trying to foster community. Focusing on customer service and adopting the personality of the people they serve, community banks and credit unions remind us of what it means to be close to customers.
2. Product Research – Social media was a big part of formulating a new and popular type of checking account at 1st Mariner Bank. The company’s marketing department used social media tools to take a look at their customer’s needs and used that to build new products and services.
3. Customer Service – Bank of America sees many of the same questions on Twitter that they get on typical channels like via telephone or in person, according to David Knapp, who runs the bank’s Twitter account, but they are starting to see social spaces as a potential channel of choice for customers to get the information they need.
4. Marketing & Promotion – Banks that are using social media to brand themselves or to market a specific product or service have found success by integrating social tools into their existing campaigns or creating new ones that capitalize on the spirit of the community. Whether it’s by making the bank synonymous with solid financial advice or giving people the power to do some good in the world, banks have been finding that immersive marketing techniques using social media tools have brought solid results.
5. Transparency – Nicolet National Bank has used social media in order to be more transparent, said Jeff Gahnz. The President of their bank answers questions directly on their blog, for example, and they have helped people with mortgage questions, business loan queries, and general finance questions. They have also blogged their thoughts on the Troubled Asset Relief Program (TARP), where the money has gone, and why their bank participated.

Reading this has already given me a few ideas on what to test in some of the categories I work on. Will share them once they’re implemented. Please share yours too. Many thanks.